First, it’s not really a crisis. See how I used an inflammatory word to invoke a panic like response to get you to read (that would assume that someone other than myself is reading this). The media makes money by getting people to buy their publications. They can’t get the money if they can’t get the readers. Anyway, that’s not what this post is about. I’ll write about the economy later.
I said earlier that people probably won’t belive the stuff that happens to me. I swear it’s not made up.
We are trying to take advantage of the down market & buy a house. We want to stay in the neighborhood. We found a house a mile away, negotiate an offer, apply for the mortgage. DENIED! WHAT!!!??? I own a real estate company so I’m not a newbie. My partner owns a mortgage company. We were preapproved FHA. Well, some cranky underwriter who thinks she’s god *feels* that we are attempting a foreclosure bail out (the house is in preforeclosure). WHAT????!! I guess they can’t understand why we would want to buy a bigger house, with a pool & garage, on a larger lot with more square footage in the same neighborhood we chose to buy in a few years ago because we like it. That makes absolutely NO SENSE! What makes more sense is that we would take every last penny of cash we have (have to put 3% down plus closing costs-roughly $20,000) to buy a house from someone in our neighborhood so they can rent back from us.
What makes it worse is this bitch led us on for 2 weeks making us jump through hoops & still denied us. She even accused of me of lying on the application & concealing that I owned investment property in my maiden name of XXXXXX. Well, my maiden isn’t XXXXXX and I don’t own any other property. WTF??!!
Well, we are still trying to get a loan so keep your fingers crossed for us. We really love the house (yes, we plan to occupy it). We should know today.
